The $2 Million West Town Penthouse Condo: 1715 W. Ohio
The expensive luxury penthouse condo isn’t limited to only the downtown Chicago market.
This 3-bedroom, 6000 square foot penthouse at 1715 W. Ohio in West Town, near the Ukranian Village neighborhood, just came on the market priced at nearly $2 million.
The listing says it has a high-speed elevator to whisk you directly to your unit. The property is a duplex with 14 to 17-foot high ceilings, a spa master bath, and a 1700 square foot cedar roof deck with a gas firepit.
Are some properties just so unique that they can sustain the higher price point?
Chaz Walters at Sudler Sotheby’s International has the listing. See the pictures here.
Unit #PH: 3 bedrooms, 3.5 baths, 6000 square feet, 2 car garage, duplex
- Sold in August 2004 for $1.2 million
- Currently listed for $1,999,000
- Assessments are $900 a month
- Taxes are $8,000
- Gourmet kitchen with Brazilian granite island
The fireplace in the bedroom is tres groovy.
I’m getting 3729sf based on their listed room dimensions…
Who in the hell has $2 million and wants to live in Ukie Village?
#
Bob on May 27th, 2009 at 1:49 pm
Who in the hell has $2 million and wants to live in Ukie Village?
No kidding, really, this should be half price.
“Who in the hell has $2 million and wants to live in Ukie Village?”
But the master bedroom has a ceiling fan! rofl!
I wonder what kind of terrible view this place has for all the curtains to be drawn in every picture?
The only thing that looks halfway luxury nice about this place is the kitchen.
I want to know how in hell the taxes can only be $8K, that is very, very wrong.
That is an awesome fireplace but I bet they are including the deck in their SF numbers.
Views appear to be generally Northwest. Bummer.
“The only thing that looks halfway luxury nice about this place is the kitchen.”
wat.
Walnut floors throughout, 8′ walnut doors, 2(!) showeres in the master bath, a Fireorb fireplace in the master, another fireplace in a guest room, private elevator, custom stainless railings throughout, cedar roof deck with hot tub and firepit.
Sounds like a total dump. They really cut corners. *rolls eyes*
Taxes of 8k are ridiculous based on the listed square footage….
This place is only worth 950k for that area (if and only if the square footage is accurate- less if they are lying).
Also, at a 2 million pricepoint (or even 1 million for that matter), people who choose a condo want a full service building with a doorman, real security etc…unless it is a poser thinking they are going to flip it and make money- poser meaning they really don’t have enough money to be in the property longterm).
I’m with bradford…this place looks luxury enough for me (a person that is way under the luxury market, to be sure). But even with all of the fab finishes and a crazy-sweet roof deck, the views aren’t great, the neighborhood isn’t the best (certainly not the worst, but now great either) and the price is astronomical. I’ll be interested to see if there is a buyer for this property.
You can get a private elevator in a 400k condo, big whoop. As for fireplaces, I really could care less about them and I’d never use it so its a worthless feature to me. Steel railings, wow luxury! And a rooftop deck with a fire pit and hot tub is nice, but to be expected on a place that costs 2 million dollars…
Did they include the deck in the sqft?
“This place is only worth 950k for that area (if and only if the square footage is accurate- less if they are lying). ”
Only $158/square foot with those finishes at that location? Pass the pipe.
“You can get a private elevator in a 400k condo, big whoop. As for fireplaces, I really could care less about them and I’d never use it so its a worthless feature to me. Steel railings, wow luxury! And a rooftop deck with a fire pit and hot tub is nice, but to be expected on a place that costs 2 million dollars…”
OK, so Pulte-grade finishes are good enough for you. I’m willing to bet that’s not the case for anyone in this price bracket.
Yes: there are not a lot of variables there that are going to get a buyer for that unit, in the building, in that area, at anywhere near that pricepoint. Check the comps- oh wait, there are none lol.
“Only $158/square foot with those finishes at that location? Pass the pipe.”
Its probably 3700 sqft if you don’t include the roof deck… at a million bucks that’s $270 a sqft (reasonable for the finishes and area), at its current ask its $540 a sqft… more than the freakin gold coast!
If it’s actually the 3700sf that I calculated from the room dimensions, there are comps.
At 6000sf, it would pretty much stand alone.
“I’m getting 3729sf based on their listed room dimensions”
It’s hard to tell for sure based on aerials and streetview, but I think that underestimates the interior space significantly–I peg interior space at ~4200. And 1700 seems to slightly underestiamte the deck area–so I actually believe 6000 sf if you count the deck (which I’m on record as being **VERY** against).
4300 sf + 1700 sf deck.
Hey! I have the same ceiling fans in my place! Sweet.
wow, this place is freakin awesome. im not much on the decor, but the space itself is amazing. and the deck and the master bath is more than luxurious…
its really just too bad that the neighborhood isnt that great, and wont be even good until who knows when.
i partially agree with sonies that there really are no suitable comps (that i know of anyway) for this place. i personally would buy it for about a mil to maybe $1.25M or so (if i was loaded and had the cash) cause thats what i think its worth, but since theres no comps, who knows. i can see it going for the asking $2M (for someone who wants luxury w/ privacy) and i also see it dropping to $500k.
I have an inquiry in to the listing agent regarding the square footage discrepancy.
A race car driver
“Who in the hell has $2 million and wants to live in Ukie Village?”
Hard to tell from the pics (partially because sq ft is iffy) but this place is sick. Put this in lincoln park/gold coast and this would easily go for 2MM+. However, because it is in west town I think 1.2-1.5MM sounds about right.
But who knows whether there will be a buyer for this (because the rich don’t really want to live in west town). Regardless, the high end + CRE are the next shoes to drop.
well either way i’d rather save 200k and live here
http://tours5.vht.com/Viewer/PhotoGallery.aspx?ListingID=1188244&Style=IDX
400 N. Orleans
Actually after doing a quick search, there’s about 50 places cheaper that I’d rather live in, in just the Near North neighborhood.
Wasn’t this featured in The Tribune Magazine within the past year?
wordpress ate my post:
Taxes are over $16k/year–WITH the homeowner’s exemption. So $8k/half–agent got it sort of right.
PIN is wrong on Redfin–probably the pre-condo pin for the building.
Where’s Bruce Wayne/Batman when you find the perfect unit for him?
That said, this unit may work for a confirmed bachelor/lounge lizard/millionaire “player” who has the bucks, but how many guys in Chicago still fit that description these days who would also qualify for the mortgage and carrying costs? We’re light on movie stars and dot-com boy wonders. Unit may photograph nicely, but for this neighborhood this unit is way over-priced and over-improved. I foresee a lot of showings, and no sale until it goes down below $1 million.
Architect: Race car driver, see above.
$1.6 mil in mortgages on a $1.2 mil purchase price. $2.0 listing price.
I happened to drive by this development this past weekend and took another lap around the block to take a closer look.
The developer cobbled together an old building with a new wing (not sure what else to call it) of newer cinder block (you can see the old brick versus the cinder block difference in the picture). It looks really funny (and not in a good way). They are going to have a heck of a time convincing someone to pay $2M for a unit in this development, in this area regardless of how nice the penthouse may be.
Another nice touch – the developer has his name carved on a placard that is visibly placed in the new cinder block – you can barely see it in the photo – it is towards the top of the cinder block addition right below where the wall of glass begins.
And I thought Chaz was with Hot Properties? Does his migration to Sothebys mean we are going to lose all those fantastic Hot Properties billboards?
Only worth $950K? I encourage you to revisit your post when this place sells for $1.8 – $1.9M in a few months and explain why you were off by a million dollars.
“$1.6 mil in mortgages on a $1.2 mil purchase price. $2.0 listing price.”
And for some reason the brain trust in DC thinks we should be bailing out the banks that gave this genius the loan.
Not only is the owner a race car driver but he also works for his father’s real estate development company! He converted the entire building into condos and they all sold in one day. However, he apparently kept the penthouse for himself.
http://www.i4designmagazine.com/features/summer07/athome.php
Laker: let’s make a bet that it sells for closer to 950k than 1.9M, of course you won’t take the bet because you can’t possibly believe what you are typing on here. You are crazy.
Re: Other 400k units with elevators opening directly into unit.
Can someone show me some links? I’ve been unable to find any below 900-1mm.
Also, there’s no way this is a $950k property. It’s overpriced at 2, but is definitely pushing 1.5mm. Even though the location isn’t ideal for most buyers in this bracket, the uniqueness will be worth a premium to a certain buyer. There just aren’t as many of these people as there usually are, but they still do exist.
Whoever the interior decorator was is extremely good… that place looks like an architectural digest article. If this were vacant, I can’t even imagine they’d have half as many showings.
I don’t know what comps look like in the area, but this is definitely one of the nicest places I’ve seen in a long, long time.
“A race car driver”
And what’s the best way to make a small fortune in racing?
Start with a large one!
Certainly a unique place, but I think I’d go single family (in a better neighborhood) for that kind of money.
Brazilian granite island. Funny mine goes in next week and it is definitely Brazilian granite and it cost me about $400.
I rescind any jokes. Just saw pictures. Place is absolutely stunning.
“Also, there’s no way this is a $950k property. It’s overpriced at 2, but is definitely pushing 1.5mm. Even though the location isn’t ideal for most buyers in this bracket, the uniqueness will be worth a premium to a certain buyer. There just aren’t as many of these people as there usually are, but they still do exist.”
My estimate; ~98% of the people dumb enough (AND able) to spend anywhere near $2 million on this place are already deep underwater on some other place. There is FIERCE competition for the remaining 2%. Not impossible, but highly improbable. It was a bubble, it’s not coming back.
John
PS Nice view, does the place come with a telescope so you can see the city?
1st paragraph from previous post should be in quotes…
John
Really hard to justify this price when there are SFH’s in the area near new, ~4000 sf, roof deck, etc… going for under 1M.
The article that HD linked to says that this place is 6800 square feet PLUS the roof deck, though that does not seem to be borne out by the dimensions shown on the listing webpage.
For some reason I have this idea in the back of my head that now that the ‘RE boom’ is over and his race car career is not-so-hot, this guy squandered a good portion of his late father’s money and it’s become time to downsize. The ostentatious $2.0 mil price tag is probably just as ridiculous as his lifestyle, with regular parties and entertaining for 200; race car driving with TV stars, converting old buildings with luxurious fixtures and upgrades; 3000 pound brazillian granite kitchen islands…seriously…. That’s just me but I’m probably totally wrong.
Alright maybe I’m getting ahead of myself here, sorry….
HD, thanks for the link to the article as it effectively silenced the regular hater’s comments with facts.
You all have to remember that you do live in the third largest city in the country. There are many apartments that go far above and beyond the bare minimum and boring standard issue units and carry a price tag that reflects this fact. While you might not have the cash or the ability to see what makes this unit worth the asking price, there is a segment of buyers who realize how unique and valuable this place is….and they are far from idiots, stupid or whatever else you care to label them as.
I would love to add this spectacular unit to my portfolio. Perhaps if it is still available a few months down the road (if I don’t jump on a half floor unit at 110 Superior first) I would consider making an offer on it. I have a few days free next week and think I will set up an appointment to see it.
I seriously doubt that the buyer will have to rely on a mortgage to purchase this amazing place and I too predict that it will sell at or very close to the asking price. Obviously it is very close to being worth this amount if the other units in the building sold out in one day. That shows there is a percentage of investors out there who do appreciate this type of development.
Until the collective mentality of Chicago changes to mirror that of NYC or LA, the market here will stay the same and will continue to be inundated with the same boring and basic lofts that populate the RE sites now.
YAWN…
I just read your last comment HD and have to say there are people (in NYC anyway) who do live this lifestyle of changing residences like some of us change clothes. Are there any in Chicago? Perhaps a small amount, but they are out there.
When that is your lifestyle, you tend to get tired of living in one spectacular apartment and seek out the next hot place to call home. One top tier NYC executive I call a close friend has purchased and sold around a dozen or so apartments in the 20 years I have known him. He is constantly on the prowl of the latest and hottest building around and thinks nothing of dropping $10 mil + for THE place that satisfies him…all I can say is if you got it, go for it!
“Until the collective mentality of Chicago changes to mirror that of NYC or LA, the market here will stay the same and will continue to be inundated with the same boring and basic lofts that populate the RE sites now.
YAWN…”
1) Chicago is a cow town with midwestern values
2) LA (and CA) is the land of the neg am option arms which fueled all sorts of luxurious development;
3) this is a nice place, no doubt, but think of the guy who bought this place: a tv star befriending, race car driving, RE developer, high society living 30 something guy. Like Architect said above, where’s Bruce Wayne when you need him?
4) CA NYC has movie stars, rich heirs/heiresses, tech money, hollywood money, captains of industry money; Chicago has money too but a different kind of money and definitely not as flashy.
“homedelete on May 28th, 2009 at 7:40 am
For some reason I have this idea in the back of my head that now that the ‘RE boom’ is over and his race car career is not-so-hot, this guy squandered a good portion of his late father’s money and it’s become time to downsize. The ostentatious $2.0 mil price tag is probably just as ridiculous as his lifestyle, with regular parties and entertaining for 200; race car driving with TV stars, converting old buildings with luxurious fixtures and upgrades; 3000 pound brazillian granite kitchen islands…seriously…. That’s just me but I’m probably totally wrong.”
Jealousy is a color that suits you well, HD.
All valid and true points HD. I was just expecting a different class of urban residents when I moved here last year and am still in the mindset of trying to compare the three cities. I know, time to move on and accept reality!
Westloop… “who do live this lifestyle of changing residences like some of us change clothes.”
Yes, me!
“Jealousy is a color that suits you well, HD.”
Careful Bradford, your projection is showing.
John
Oh and I love Chicago but in agreement with HD it is still not (and never will be) NYC.
Pfffffft, I’m not one of the ones hating on every property I can’t afford.
Bradford:
Was Nick Caraway jealous of Jay Gatsby? We’ve just lived through a gilded age and nobody was sad to see those days end. I’d say my suit is schadenfreude not jealously. I’m jealous of no one, Bradford.
“Jealousy is a color that suits you well, HD.”
Schadenfreude? Too bad. Much healthier to take pleasure and find inspiration in others successes. 🙂
Now in the 90’s already here today (winter starting).. off to beach for a volleyball game. Tchau!
“Much healthier to take pleasure and find inspiration in others successes.”
Sabrina, can you make this the motto of Cribchatter?
If you define success as living like Gatsby then you and I differ greatly.
No.. I always believed Schadenfraude to be defined as taking pleasure in others failures.. You were the one who said it. So that makes the opposite what??? I am responding in general and not of the specific property.
Now very late.. If I lose I will give a big hug to whoever beats me and enjoy his victory 🙂 See how much fun that makes it 🙂
And Gatsby was an immoral thief who made his money illegally. Being rich and liking nice stuff = Gatsby? Your point?
“define success as living like Gatsby”
Having enough money to not *have to* work and be able to do whatever you want? That’s not “success” in your book, HD? I guess we do define success differently.
Gatsby sold booze, this guy is a developer. Same difference. Gatsby was a facade of wealth he didn’t have nearly as much money as he flashed. Just like the condo dev living in the 2.0 mil condo with parties for 200 and 3000 lbs granite kitchen countertops.
I saw people were wondering about comps. I lived a block from this building and another condo unit which should be in the same price range is what google has listed as 534 N Marshfield. It is warehouse which has been converted into 2 loft like apartments the square footage there is at least 5K sf.
I dunno HD booze was illicit back then, so your basically likening a developer with a drug dealer in today’s terms. I don’t have a lot of love for developers but most were operating within the confines of the law.
If we lived in a capitalistic society and let there be real punishment for the banks then perhaps they would not have loaned these developers so much money without regard for their ability to pay it back.
“homedelete on May 28th, 2009 at 9:48 am
Gatsby sold booze, this guy is a developer. Same difference. Gatsby was a facade of wealth he didn’t have nearly as much money as he flashed. Just like the condo dev living in the 2.0 mil condo with parties for 200 and 3000 lbs granite kitchen countertops.”
How do you know this guy doesn’t have $30MM in liquidity in the bank? You are the master of ASSumption.
Because Bradford common sense tells you that if you have $300MM in liquidity in the bank you don’t take a first mortgage for $1.2 and a second for $400k; that is of course, unless this guy is a complete moron….spendthrift maybe; moron, probably not.
sorry $30MM
I always thought that you’d always have a mortgage as the interest deduction was one of the few that uber wealthy folks can take. I thought that was one of the reasons ARMs were invented in the first place – to allow people who had no need to take a mortgage to do so, invest the cash elsewhere, and get a deduction to boot.
I may have just proved definitively that I am not yet a CPA, CFA, or tax adviser with this post.
Because Bradford the law of numbers states that everyone with a mortgage has 30MM in a money market fund. Heck everyone I know and interact with Bradford is so ridiculously big swining d— rich that they have at least thirty sticks in the bank. And I know this demographic is just going to save the Chicago RE market and ridiculously overpriced properties in hipster ‘hoods like West Town & Ukie Village.
In case you didn’t get the memo, Bradford, and I would think you would because you’re in the biz, the blue line hoods are little more ghetto than say LP/LV/GC/etc. Multimillionaires don’t live in West Town/Ukie Village, but apparently poseurs do.
“Multimillionaires don’t live in West Town/Ukie Village”
Um, overstate much, Bob? Of course some do. I would certainly consider it*, if I had that much and was willing to go the private school route. That way, I could be certain we woulnd’t be neighbors (haha).
*Note–not this property and not at this price. But there are some v. nice places in WT/UV.
I don’t presume to know the financial condition of the owner of the property, and to offer my presumption would be ridiculous, which was my point.
As for “Multimillionaires don’t live in West Town/Ukie Village, but apparently poseurs do.” I’m not sure how paying 60 cents on the dollar for an otherwise identical property compared to people living in Lincoln Park qualifies someone as a “poseur”. Could you explain that please…?
anon(tfo),
Good points. It didn’t dawn on me until you said it once we get into high pricepoints like $1MM+, the schools might not be so much of an issue as for those in the 450k 2/2 condo who derive all of thier income from corporate type jobs and can’t afford the tuition.
I’m jealous of the $1MM+ crowd I guess 😀
I don’t know too many very rich people (maybe one, its a taboo topic), so I’ll reserve my criticism and animus for the 450k 2/2 crowd moving to the burbs 8)
Wicker… uber wealthy folks completely lose the mortgage deduction, as well as most itemized deductions. It gets scaled out pretty fast actually.
To follow wicker… Option ARMs were definitely not created for rich people solely wanting interest deductions. Interest only loans do that. Option ARMs were to get people to buy houses at prices that were unaffordable.
“I’m not sure how paying 60 cents on the dollar for an otherwise identical property compared to people living in Lincoln Park qualifies someone as a “poseur”. Could you explain that please…?”
While indeed West Town is more affordable than LP with regard to RE valuations, $2 million buys you one heck of a nice spacious place in LP as well. Basically if you can afford a $2 million place you can live in whatever area you want. Its my guess that the vast majority of people in this segment would prefer the Gold Coast or LP over West Town.
I know plenty of wealthy people and plenty of people aren’t wealthy but spend like they are. The common trend I’ve noticed is that the wealthy people don’t spend like they are wealthy because if they did then they wouldn’t be wealthy anymore;
I’ve only know a handful of uber-wealthy people; there was a summer in college I hung around a bunch of north shore Loyola Academy grads also home for the summer and they had uber-money; in one case I knew the grandson and everyone in the family was still living off great gram-pa-pa’s money. These people aren’t buying million dollar condos in UV; when they spend a million they return home – and by home I mean the north shore.
Bradford brings up a good point. People don’t move to West Town or Ukie Village to buy $2 million condos. People move to West Town and Ukie Village for a lower housing cost than, say, Lincoln Park.
As you can have just about any house you want in LP for $2 million (a little exaggeration, but not much), this listing is completely redundant and the developer totally overshot their target market by miles.
“homedelete on May 28th, 2009 at 12:01 pm
These people aren’t buying million dollar condos in UV; when they spend a million they return home – and by home I mean the north shore.”
So what you’re saying is anyone who buys a $1MM+ home in the city is fiscally irresponsible and/or pretending to be rich? Can we put Hinsdale and Burr Ridge in that bucket too?
Listing agent got back to me and swears this place is 6000+ square feet inside plus 2000+ square feet for the roof deck.
Ze: Thanks. I’ll remember to research the mortgage deduction phase out scale when I become uber wealthy, after I give 80% in taxes to the administration to redistribute.
Just wait for the VAT to add another 25% to the 11% sales tax.
“Listing agent got back to me and swears this place is 6000+ square feet inside plus 2000+ square feet for the roof deck.”
So is this place heavy on hallways or what?
“Listing agent got back to me and swears this place is 6000+ square feet inside plus 2000+ square feet for the roof deck.”
Then what’s the layout? Is the lower floor of the duplex the entire 3d floor of the building? Running from the front of the building all the way under the deck? Then it makes sense as ~6000 sqft.
Also, there is NO WAY that “the roof deck” is 2000+ sf. It may well be almost 1900 (imo, closer to 1800), but it ain’t over 2k. If you add in the other outdoor spaces (looks like at least two other, much smaller outdoor spaces–in the front upstairs + the side balcony), there probably is ~2000 sf.
And then the fun of it all. Having everyone insist that you don’t pay taxes because you are rich.
HD.. ya gotta love it.. why cut spending when you can just raise taxes. The problem is obviously not reckless spending and entitlements, it is not enough taxes.
Wonder how many people calculate their net worth and add in the 1/300,000,000th that they have attached to their neck as citizens of GODs most favorite country.
“So is this place heavy on hallways or what?”
Don’t shoot the messenger. The response was “Square footage can be a tricky thing. It’s more than just the room dimensions. It can include hallways, foyers, walk-in closets, etc…it’s any livable space. The listing agent swears it’s 6000 + the terrace”
*shrug* 2000+SF for hallways, closets, and bathrooms…? Seems like a lot but everything in this place is Texas-sized, so idunno.
They offered to send a floor plan and I accepted. Will update when I receive…
Ze,
America: Love it or Leave it.
Oh wait, you already did. Now you have the street cred to bash Bush.
“2000+SF for hallways, closets, and bathrooms…”
It looks like the “2d level” is the full size of the pop-up add-on, imo. If that’s correct, the 2d level is at least 1800 sf and my be 2300 sf (hard to measure on the aerial)–but with under 1000 sf of listed rooms–and that master bath is H.U.G.E. plus I would bank on dual walk-in closets, so ~1000 “hidden” sf makes sense up there.
The main floor probably has a bunch of hallway, plus 2.1 baths and probably more walk-in closets. Throw in some conservative measuring of the rooms (why exagerrate on this one?), and 6k doesn’t seem insane.
Bush just raises an eyebrow for me these days. I still think this whole mess really accelerated when Cheney threw all the military contracts to Haliburton. I remember the old days when people would have class and disqualify themselves for conflicts of interest. Now conflict of interest is par for the course. The crazy thing is 15 years ago America was about laws and Brasil was a joke. Now they are busting everyone for everything down here, tight as can be with finances, repairing everything and the U.S. has turned into Brasil.
Crazy silly world we live in. gotta love it! Hope a few of you make it down here for the World Cup (or what’s beginning to look like an extremely strong shot at the Olympics).
Oh and i LOVE the windows on this place. The angle thing from the inside works well.
“what’s beginning to look like an extremely strong shot at the Olympics”
God, I hope so. As much as I would actually like to have the Olympics in Chicago (really), I have less than no interest in paying the corruption surcharge for the construction of everything. If we could have a fixed total cost that couldn’t go up barring genuine force majuere (total fantasy), I’d get behind it. But since whatever they say it will cost will only be 50% of the actual cost, I’m totally against it.
Yes, down here they are much better at estimating the corruption expense. Amazingly they are in the middle of busting people for that too.
Btw.. mortgage market yesterday??? This Professor (Bernanke) is nothing but a boy playing theory with men (truly equally as intelligent, more experienced, and sharpened to a razor) who are playing for keeps. So damn entertaining from the sidelines.
ROFLMAO!!
“Btw.. mortgage market yesterday??? ”
Lol the idiot professor backed himself up against a wall with his policies. Now looks like he’s getting shot at in front of that wall. Haha just desserts if you ask me.
Bernake doesn’t understand that our foreclosure problem is a bit bigger than somone refiing at a half a point lower to make their payment $30 more affordable per month. Its a much much bigger problem than that.
It’s not a foreclosure problem its a debt problem….debt at unsustainable levels.
“its a debt problem”
It’s a ponzi scheme problem. There aren’t enough new investors at high enough buy-ins to fully payout the older investors.
Our buddy John the Internet Millionaire in Miami said that if everybody just paid their bills, everything would be just fine. And there is a lot of truth to that. But there’s not enough money to pay the bills, there never was. There just just a prayer that the asset would resell for a higher price somewhere down the road.
What are the baby boomers gonna do? Their entire lives they’ve gotten by with an lifestyle exceeding their income based on debt fueled consumption and appreciating asset values. Now it looks like the can can’t be kicked down the road any longer.
Oh and lets not forget about their children, the so called ‘millenials’ who seem to have an entitlement attitude that even surpasses their parents. I bet by the time these millenials reach their parents age in thirty or so years they will be much more prudent and humble and act much less entitled.
funny that the seller is a race car driver. I wonder if he hangs out at the Players Club on ashland.
“CH on May 28th, 2009 at 2:28 pm
funny that the seller is a race car driver. I wonder if he hangs out at the Players Club on ashland.”
I saw the Cayenne in the driveway in the pics and wondered if the owner of Players and Y-Bar might be the owner of this unit, actually…
Appears to be silver though, not white.
the same guy owns players club and y-bar? does y-bar have a race car theme too?
Dunno, never been to Y-Bar, but his wife drives (drove?) a white Cayenne Turbo with a license plate that said “Y-BAR”.
OK I have the floorplan. The first story of this duplex runs from the front to the back, including under the deck and slightly beyond in the rear. The second story is from the front to the deck.
I think the square footage is computed using the exterior dimensions of the box. 4000 square feet per floor – 4000 interior on the first floor, 2000 interior on the second, 2000 exterior on the second.
Only six rooms on the first floor and two (!) on the second though: MASSIVE rooms and lots of open foyer/hallway space.
Some strange stuff like the washer and dryer being right *IN* the master closet – convenient perhaps, but not what most people are looking for.
BTW another one in the building just went up for sale – MLS 07225958.
1900 square feet, 2 bed, 2 bath. $589k
It’s nice but pretty rudimentary compared to the ballar penthouse, which is to be expected given the pricing discrepancy.
Thanks Bradford for forwarding the floor plan pornage info for us to salivate over! If you don’t mind, can you be more specific about details of the interior?
I have been in dozens of high square footage units in both NYC and Miami (much more common in NYC loft type apartments) and it is a common thing to have a, or some, massive sized ‘gallery space’ in which to display art/sculpture. In many cases, one giant piece of uber expensive Italian furniture…which according to some people are pieces of art, fills the space. These galleries are equal in size or larger than the living and/or dining rooms. When you enter this segment of high dollar places (can’t believe $2 mil is considered high dollar in Chicago) it is all about space even if said space is basically intended to be just that…empty space.
I have found it is common in NYC for the square footage of higher priced apartments to take the interior measurements from the outside walls of the unit. Many realtors use this method with the belief that ‘if it is under a roof, it is usable space and has every right to be considered livable square footage’…stairways, foyers. closets even elevators!
Should I be able to squeeze a viewing into next week, I will report back with all the juicy details.
I will forward the PDF to Cribchatter.
I understand where you’re coming from with respect to areas that are not really part of rooms but still add to the element of space. My own loft has a large foyer (about 15’x15′) that leads to a long curved hallway (about 10’x30′) that is technically “useless” space but adds to the overall sense of openness and spaciousness of the unit.
Quick unrelated story about the whole “why live in uki village” issue.
I was looking for a condo in 2003. I looked at a place or 2 in Uki Village. On one of the higher price range places I looked at, I asked the realtor showing the place, “Why is the owner selling?” The realtor answered, “He was traded to Kansas City.” Turns out I was looking at Josh Wolff’s (originally Chicago Fire, now of the KC Wizards… also on Team USA) condo. And my realtor was a backup goalie for the Fire.
So, there you are. Athletes & Quasi-athletes alike love the Uki Village. (Now, Josh was no multi-millionaire but you get the idea.)
Hi all. I have been in this unit and all I have to say it is seriously amazing. I have no idea what it is worth in dollars but there is definitly no comp. The views from the deck are amazing and completely unobstructed and the inside is SICK. It was DEFINITELY built for a wealthy bachelor or a very young hip couple with no kids and too much money! It’s breathtaking. They have filmed some commercials and photo shoots inside. It’s that cool. I am sure someone will buy it. As for the rest of the building, all the units are pretty cool. There are two others on the market that are very different from each other. One is listed at $499 and one at $549. I actually think that they’re underpriced for how unique they are and how amzing the building is… so we’ll see if they sell. In this building everything is oversized and one-of-a-kind.
I’ve also been inside of this place (and a couple other $2MM Chicago homes) and it’s relatively stunning. At $2MM it is a little outside my comprehension of dollar value, but it is definitely a beautiful nest.
Not sure what folks have against the Ukie. Good night life, trees, plenty of parks and skyline views from the most flattering angle? Evidently that’s enough for childless, low-brow, me.
-j
It’s so funny reading this comments with how stupid and rude you all are.
This place is SICK SICK SICK! Gorgeous! Views are amazing! Telescope to see the city? Get real douche bag!
It’s definately 6,000 sq ft and you all just look stupid calculating rooms and thinking its even near the right sq ftage. That be the case, the 600 sq ft studio you live in is about 400 sq ft.
I do think $2m is a bit high for the unit… but you are paying for the space, finishes and views. For the moron who says $2m in Gold Coast, you are smoking crack… if this was in River North Gold Coast it would be $3-4m.
Interesting commentary, people. As a current resident of Ukie Village, specifically down the street from this building, I can tell you the following information: The Penthouse unit is spectacular. The rooms are enormous, finishes are killer, views are totally unobstructed and the building itself is unique. Add to that the fact that this building has been one of the most desired in the neighborhood since the units first went up for sale. I would know – I almost bought one back in 2005.
I’m so glad for the last few responses. Not sure why I read all the way to the bottom though…
My husband and I just visited this space. The only thing wrong with it is that the pictures available online absolutely do not do it justice. It’s true 2M might be a bit pricey for Ukie, but I completely agree that its location is the only reason it’s not a 3-4M property.
Even my real estate agent (who has been doing this for 5 years) was speechless and later said she had never seen a unit that could compare to it. Seeing it convinced my husband and I to hold off on buying something now so we can afford something truly extroardinary, like this place.
The other units we saw that same day were scattered throughout the Gold Coast, River North, Bucktown, and the South Loop, at price points ranging around 1M. This unit shot them all to Hades.
And by the way, we met both the developer and his wife. They both seemed very kind, grounded, and normal. The name engraved on the building is not his own, but is a tribute to his father.
I will agree, however, that this place would be perfect for Bruce Wayne….
Hayden:
Why did you go and look at the property when it was double what you wanted to pay (and, from what you said in your comment, could not afford?)
Just curious.
What I find interesting is all the posts from June 3rd forward are flattering, from individuals that have viewed a $2M apartment, are familiar with the building, and particularly, have a very similar pattern of excessive adjective usage.
Things that make me go hmmmmmm……
btw. I did comment that i thought it was a “stunning” place. Obviously market is not responding positively to the price. As they say… Never be the most expensive home on the block… of course on some blocks that does not hold true.
Its also been reduced to Price: $1,849,000
better buy it before someone scoops this up!
Hey check out this one “just listed”! MLS 07311169.
If the genius realtor is really trying to convey the sense that is just listed and fresh to the MLS the least they could’ve done is take a fresh set of summer pics.
Hi Sabrina. We went to see the unit because we were not sold out on what price point we wanted to buy in…buy sooner at one price point or buy later at another. Though we’d liked some of the units we saw at the 1M range, we were also a bit underwhelmed by some of them…Simply because if you are going to spend that kind of money on a home, you’d like to feel like it is something extraordinary. I’m afraid your money takes you lot farther in the suburbs! 😉
We personally aren’t in the mode of buying then selling then buying then selling etc., we are more looking for someplace that we would want to stay long-term. As such we are willing to wait if it means ending up in a place that we love. Looking at different price points was part of our decision-making process.
Oh, and btw to Ze Carioca-I get your implication. I can’t speak for anyone else, but I’m just me, and have only posted as me. Perhaps we all use so many adjectives because we’ve all been inside…it really is inspiring in there.
Hayden.. it was really more specifically the June 3rd and June 8th post. Both capitalizing SICK, both repeating amazing… the June 16th and 8th blended in a bit too well also.
I wish you luck in your search. I still think no rush… time is on your side. I also just think at that price point you damn well better be East of the Expressway or expect a very small demographic if you want to/have to get out. Most people with the funds to purchase at that level want location first and foremost particularly in a cold ass city like Chicago. Most people at that price level have the ability to find something so-so in a great location and then customize themselves.
Thanks for clarifying! Though I don’t know…once I shared the Bruce Wayne comment with my husband I think he may be permanently in love with 1715…One of his long term goals is actually to become Batman… 😉
The clearest tell of all in those posts, Ze, is the attempt to put this place in Ukie Village.
I can understand a realtwhore trying to stretch one border, but this is blocks away to the south and east. It’s not even the East Village forchrissakes.
“Why did you go and look at the property when it was double what you wanted to pay (and, from what you said in your comment, could not afford?)”
Although it was not addressed to me, I can offer my perspective on this question.
I routinely visit properties that go far above the price point I wish to stay in for a number of reasons. The first is similar to what Hayden stated “Looking at different price points was part of our decision-making process.” By making yourself aware of all properties in all price points you feel more secure when you do finally make that decision to actually make an offer.
I think many of the more RE educated people who are seriously seeking to buy do the same thing. There is no way of justifying the reasons you are paying the amount you do without knowing exactly what is out there.
Although many here on CC have no intention of purchasing their own home any time soon, they still sign on daily to comment on what is available in the Chicago market. Nothing at all wrong with doing this, right?
Personally, I also get a ton of ideas from the design/construction methods that are employed in the places we tour. In many instances I am able to replicate these ideas into my rehabs without spending the vast amounts that they have.
Yet another reason is to ‘network’ and to meet as many agents as possible who may be able to match you to the place you are seeking. I can’t tell how many times agents have contacted my niece and nephew saying “I recall speaking to your Uncle and I just might have a place he would be interested in….” I have purchased a good number of units in this manner, something I would not have had the chance to do had I not gone out that day. The more people you meet during your search, the better the possibility of finding your own dream home. I think this reason is more true today when there are not as many ‘great deal’ opportunities as there have been in the past.
Lastly, the biggest reason I visit places that are priced in the upper brackets (in NYC of course) is that both my nephew and niece are brokers. They are rather successful in their careers and make it point of staying on top of what is happening in the market. A few places I have toured with them I have ended up purchasing, even though I was not looking to purchase anything.
Both of my permanent residences (that I plan on retaining forever) are in NYC and S Fl and were found on these outings. Had I not gone out those days with the intention of browsing only, I would have missed out on the golden opportunity to find these spectacular places that I now call home.
“Getaway-home sellers not giving them away
Bargains by the water still hard to come by in vacation spots”
http://www.chicagotribune.com/classified/realestate/chi-restate-vacation-homes_0830aug30,0,2703280.story
Trib declares that there are no deals to be found for vacation homes and chronicles the failures of prospective second home buyers to find deals.
My favorite quote:
“Nolte recently made a low-ball offer on a waterfront home just outside Sturgeon Bay in Wisconsin’s Door County. Not only was the offer rejected, it alienated the seller because it was so low.
He was ticked,” said Nolte, an engineer who lives in Wausau, Wis.”
What does this mean now that the Trib has covered the issue? It means that deals on vacation homes are right around the corner.
What is the block like where this house is located?
The article is funny in that it assumes both parties doing the transaction are using it as a vacation home and oversimplifies the dynamic.
Also, not sure why people would buy a vacation home on the lakes here, unless they’re genuinely wealthy enough to also afford another in a warmer locale.
While we can get into the pros and cons of owning your primary residence it seems renting a vacation home in the summer months makes infinitely more sense than owning one in an area with climate like ours.
Isn’t it a litle weird that three of the five units in this building (2N, 3N, PH) are for sale??
Bob wrote:
“Also, not sure why people would buy a vacation home on the lakes here, unless they’re genuinely wealthy enough to also afford another in a warmer locale.”
In Madison lakes for vacationing are what’s know as “up North,” which is pretty much everything North of Dane County. People in Wisconsin buy water front “up North” because they’re outdoors types. Swimming in the summer; hunting in the fall; ice fishing (also know as an excuse to get drunk and piss in the water) and snowmobiling in the winter.
We didn’t buy “up North” because we are not outdoor types not being native to Wisconsin. We bought our weekend place in Chicago, cold as it is, because it’s easy to get to; it is only 2.5 to 3 hours away by car. We’d love some place warm, but for most people in Wisconsin that’s unrealistic.
OIP. Contingent in 2 days. Listed at $214,900. Not a short sale.
http://www.redfin.com/IL/Chicago/3805-N-Kilbourn-Ave-60641/home/13459075
its a good try HD but its right next to the Metra line and near a station, while positives this house has no sound dampening protection. Trains slowing and starting make lost of noise, whistle horn. They might have gotten that discount in this price, but I am not so sure.
“OIP. Contingent in 2 days. Listed at $214,900. Not a short sale.
http://www.redfin.com/IL/Chicago/3805-N-Kilbourn-Ave-60641/home/13459075“
*it does look good.
I’m a first/last time reader of this blog.
Many things strike me as silly:
1)all of the hypothesizing about what the couple that owns the place is like is silly. this strikes me as pretty immature for grown adults…
2)Trying to predict what people who “can afford a place like this” would do, is also silly.
Here’s the best answer: go make more money and figure out what YOU would want to do with those options. If you want to live in west town, awesome. If not, fine. Move where makes you happy.
I think this place, which I’ve seen first-hand, is SICK. But that’s just me. Those who have a real vision for their life don’t have so many opinions about other people’s choices. Discussing the market is one thing, discussing people is a sad state of affairs.
Feel free to add whatever you want, I won’t be back.
Good nite forever.
So, this “SICK” place finally sold for $1,125,000 in Oct-12.
haha SICK so many times… yeah not obvious at all!
Gary should have bought it at that $1.125 price. E-Z to hose the CC GTG. It’d be SICK.