The Sizzle: 55 E. Erie still has “It”
I talk a lot about condos that aren’t selling here in Chicago, but how about some that are?
55 E. Erie in River North, completed in 2003, is a very popular building with the upper crust set. Expensive units have always sold well in the building.
Thanks to the Tipster who recently sent me information about two condos in the upper bracket that recently went under contract.
Unit #2105: 3 bedroom, 3 baths, 2384 square feet
- Sold in March 2004 for $912,500
- Listed for $1.275 million
- Listing says it “Sold Before Print” (when was the last time you saw that???)
- Assessments of $848 a month
- Keller Williams Gold Coast had the listing
A large penthouse unit also just went under contract.
Unit #5501: 3 bedrooms, 3 baths, 2 car parking (included), 4165 square feet
- Sold in June 2004 for $2.37 million
- Originally listed in September 2007 at $3.875 million
- Currently listed at $3.65 million
- On the market for 198 days
- Listing says “Never Lived In”
- Assessment of $2254 a month
- Vangel Realty has the listing
Despite the sizzle with some of the more expensive units, a few of the lower priced units I chattered about in November are still on the market, including this 2 bedroom, 2 bath unit.
It has seen another price reduction since I last chattered about it:
Unit #2202: 2 bedroom, 2 bath, 1400 square feet
- Sold in December 2003 for $581,903
- Sold in January 2006 for $710,000
- Was listed in November 2007 for $729,000 plus $50,000 for the parking
- Currently listed for $714,000 plus $45,000 for parking
- Assessments of $613 a month
- Rubloff has the listing
Is this building really that much better than the Fordham which it sits next to?
I think it is nicer and has more cache. It is personal preference though. 55 E Erie has around 210 units and the Fordham has 244ish.
Anoncondoshopper: You’re thinking of The Pinnacle- NOT 55 E. Erie. Two different buildings. 55 E. Erie is a block or two down the street.
The Pinnacle was built in response to the quick sales at the neighboring Fordham.
55 E. Erie has much more cache than either of those two- in my opinion.
By the way: there is yet again another update on #2202.
They have again lowered the price. It is now listed at:
$699,000 (parking extra).
Remember, they bought it in January 2006 for $710,000.
Sabrina, Yes this is a very successful building that is highly regarded among most agents… Unit #5501 is under contract as well as Unit #4202 & #2105. There will be another 1/2 floor penthouse coming on the market very soon…
I wonder what percentage of people bought with 100% financing in various building in Streeterville and River North. Looking at the Cook County records for foreclosures in 345 N LaSalle and 33 W Ontario, which have had some of the highest number of foreclosures, all of them had the one element of no money down.
Until a building can weather the storm with the inevitable foreclosures that will arise in the next 6-36 months, I would not put any building in the untouchable category.
So. This is interesting info. I just showed a place for rent/Sale at 55 E Erie and it was on the high 40’s floor….renting for $5400 furnished (with 1 pkg spot and a ton of amenities and utilities included and for sale at $1.4 mil. It’s gorgeous. No joke……super sweet, amazing decor and awesome furniture-very functional yet super attractive:) And the view!!!!! WOUZA! Covered balcony with a SE exposure…..sweet.
Anyway….where I am going with this…..This unit is on a lower floor than the 2/2 you mentioned and selling around $1.4 mil….whereas the unit you mentioned on the 55th floor was for sale only the the high $700’k range. What’s up with that????
Bob:
What was the square footage? It would be crazy to ask $1000/ft, even with the furniture included.