Truly Penthouse Living: 1155 N. Dearborn Parkway in the Gold Coast
Some listings call their units “penthouses” but this penthouse unit at 1155 N. Dearborn, Elm Street Tower, in the Gold Coast truly is at the top of the building.
The 3-bedroom unit occupies the entire top floor, the 16th floor, of the building. It has 360 degree views which is rare for a condo unit. The unit has private access to the floor.
As expected of a penthouse, it also has 2 private 200 square feet rooftop terraces.
The listing says the “seller wants an offer.”
Janet Owen at Sudler Sotheby’s has the listing. See the pictures here.
Unit #16PH: 3 bedrooms, 3.5 baths, 3300 square feet, 2 car parking
- Sold in November 2006 for $1,575,500
- Listed in May 2009 for $2.099 million
- Currently still listed for $2.099 million
- Assessments of $2416 a month (includes heat, a/c, water, parking)
- Taxes of $23,449
- Full floor unit
- Family room
- Special assessment to be paid by the seller
Lol I couldn’t afford this place if I bought it for $0… the monthly nut of $4370 BEFORE the mortgage is crazy!
They want half a mill for having bought it at the top of the market?
They want an offer–the offer should be $1.5755.
I’ve always loved this building and have been curious as to the interiors. The unit is plenty nice, but not quite as nice as I’d expect (i) in such a grand building or (ii) at such a grand price (have they put a half-million into it?). Perhaps it’s just the lackluster photography.
liked this address more when there was a Ranalli’s in the basement.
Another seller doing the Helen Keller/ostrich routine with regard to the current housing situation. Particularly this segment of the market.
1.25MM max. Sorry but its just not easy to finance jumbo properties anymore.
Isn’t that Derrick Lee’s place. I know he lives in that building and I thought it was the penthouse unit.
I knew the previous owner and have been in this unit several times. It’s a nice unit, but not over the top. He complained about the developer and was not happy with the finishes, layout, etc. He got both parking spots for free, which were being sold at the time for $55,000 (he bought it when it was first built). Unit 73D is on the market for 1.9 million right now, same square footage, with a veiw and amenities that blow this building out of the water. Not saying that’s a deal, but there is no comparison between the two buildings or the two units.
Bob,
My experience (caveat, I am no expert), has been that while there are less options for jumbos these days, people who meet the more traditional borrower requirements are able to get them, although I will be the first to admit that over the last several years there were lots of folks who were getting jumbo mortgages who had no business having that kind of debt.
Personally, I am in the process of refinancing my current jumbo with a new jumbo. Initially I was very nervous given all of the news about how impossible it is to get a jumbo. All in all though, while the process is taking longer, mine is going through and I found that I had a lot of options. A good friend of mine closed a jumbo refi last month with similar experience.
I have settled on a 10 year ARM at 5.5%. I took the 10 over the 30 as my timeline is to pay the loan off in 15 years (difference in rate was about 1%). To put in perspective, this is a condo, is my principal residence, and based on the current valuation done in connection with the refinancing I have about 25% equity.
Would be interested to hear what other actual experience others have had with Jumbos. As noted above, I have heard a lot of third party scare stories, but not a lot first hand.
pete9441, you didn’t mention what building 73D is in. I’m assuming Trump?
Probably the columbian?
“pete9441, you didn’t mention what building 73D is in. I’m assuming Trump?”
73D in Trump is listed for $2.055 and also “pending” (at least on some wesites).
No outdoor space is the other big difference.
I meant unit 73D at Trump.
$636/sq ft + those killer assessments???? I know it’s a penthouse in the gold coast (and it’s beautiful), but really?
The finishes kind of blow.
I never understood how this building could charge such an upscale building premium. Granted it’s in the Gold Coast, it’s right next to frat row/Cancun on Spring Break. Seems like a Sunday Open house would be a deal breaker when Daddy Warbucks has to walk past broken Budweiser bottles and rainbow colored vomit with his realtor to get to this 7 figure PH.
cheap finishings, awful use of space.
Sonies, you broke the first rule of posting: on the internet, everyone is a millionaire!
If you can’t afford $4,370 before the mortgage then you are a poor neer’do’well who has no business commenting on anything..
“#Sonies on July 30th, 2009 at 1:26 pm
Lol I couldn’t afford this place if I bought it for $0… the monthly nut of $4370 BEFORE the mortgage is crazy!”
But seriously, I’ve never been a fan of the gold coast but I could be convinced to live here.
just not pay any money, only ’99 prices
but I do say I would take it for ’99 price, except like sonies, I ain’t a millonare.
Most real estate prices are headed back to 1999 …. and the world will still turn … and you’ll still have a roof over your head and electricity and most of the same things you have now… it’s not the end of the world.
I am a millionaire 10x over on the internet. In real life I’m a law clerk from a TTT school and G is an appraiser and Steveo is Mario Greco.
well like anon-tfo, said do you believe you can get a OIP whether unrenovated or renovated for their respective 99 price?
I just think like the adage says things change over time, with the other one real estate is local, certain places/neighborhoods are not overvalued., Their 99 price might have been undervalued. I agree with you that overvalued areas might/have/will come down (ex-urbs).
But if you have any disagreement with the prices people pay, especially during a very very bad economic time your disagreements should go to how the market is created/regulated/operates. And how society itself distributes wealth and access to capital.
I’m in no way even close to being someone who could be in the market for something in this bracket, but if I had $1.5 or $2mm to spend, I’d buy some place that didn’t have low ceilings (low compared to the window height – the new ceiling heights when renovated put the ceilings at the very top of the windows.)
The kitchen is also suburban, lacking any character at all – as is evident from the rest of the place (carpet in the bedroom, window treatments – which I realize are easy to replace at this bracket).
It is a shame that something with this kind of view and location is so boring and tasteless. I would have expected some serious character. IF I had the money, I’d spend $1.2 on it and $300k to gut it.
Houses in OIP that would have been listed in the 500’s in 06 are now listed under 400 and its a matter of time before they’re selling in the 300’s and upper 200’s. Similiar houses sold in the 2s and 3s during the 90’s.
HD, but you have to agree that the nabe has change in the past 10 years. (i contend the change is that more young people would be willing to live in the area, esp b/c LP BT WP etc are too expensive, I just don’t see them coming down people are willing to overspend to have a location)
And that change might result in a price resistance, b/c of cash flow won’t allow the properties to fall that low. (People are willing to rent at market prevailing rents)
I just feel that if you sat down to do the numbers no way a house/2flat in IP goes below 300K fully renovated. If I had access to capital I would help to alleviate housing surplus ( please point any out when they come in the future), I am sure people like WL would come and gobble some nice properties.
So I just don’t know how your basing/justifying your ‘feelings’ on where the market is going any better that the couple that is overspending on a condo/house b/c they fell in love with the place.
Just because the bubble started around ’99 doesn’t make that the magical price.
“Sonies, you broke the first rule of posting: on the internet, everyone is a millionaire!
If you can’t afford $4,370 before the mortgage then you are a poor neer’do’well who has no business commenting on anything..”
I could afford it, I just wouldn’t be able to have fun things like cable TV, electricity, heat, AC, a social life, oh and that whole “eating” thing…
“So I just don’t know how your basing/justifying your ‘feelings’ on where the market is going any better that the couple that is overspending on a condo/house b/c they fell in love with the place.
Just because the bubble started around ‘99 doesn’t make that the magical price.”
What gets me is what qualified as “updated” in various parts of Chicago in 1999 would be seen as dated and cheap (rental quality basically) today. And HD (fairly, I will say, as he isn’t really in the market) doesn’t seem to quite know what he expects when he says “updated”. And, of course, the nominal v. real price debate–I certainly could see 1999 *real* prices returning at the next bottom, but doubt that nominal 1999 prices will return on habitable SFHs (teardowns–sure; lot prices might return to 1999-ish nominal prices in 2-dary neighborhoods) in acceptable elementary attendance areas. Of course, if we somehow get the Olympics, all bets are off and the market might fall apart.
Oh I’m in the market anon(tfo) I’m just looking to buy in the mid to long term!!!
HD – You are only in the “make believe” market. The largest purchase of your life was bubble gum at the old 7/11.
Keeeeeeeeeep dreaming…
Is there site where you can find historical prices based on neighborhood, zip, etc possibly in some visual representation?
Also what is the rate of inflation been in the past 10 years? one site puts it at 30% another at 4% annually. What/who’s measure is more accurate?
I say updated is modern: electrical, plumbing. Making sure there are no structural issues, exterior, roof etc. The interior is modern and updated (flooring better than carpet). No room can be too small, it has to be livable.
In many unrenovated places usually some if not all of this list is not taken care of, usually if anything is updated would have be some superficial things, like bathrooms and kitchens.
For example many unrenovated 2 flats have similar floorplans, small rooms, and one bathroom per floor. Not that its a bad thing, brick 2-flats have some charm, but living in a 2/1 has some drawbacks.
The place is really nice when you watch the video…the pics dont look as nice. They did a ton of work and it’s well done too… very well thought out. It absolutely looks professionally done unlike 90% of the amateur interiors out there. What is weird is that they spent over a yr renovating & decorating it and say that they’ll “be there a long time” in nov of 06…so what happened? It’s not even 3 years later. It’s pretty sad they are on track to lose well over a million dollars after they built their dream home (I am the only one on this entire site who sympathizes with the buyers- i know). I’m sure the realtor will tell potential buyers it’s a “job relocation” like they always do (why are they allowed to lie like this btw?) but something more must have happened here & I wonder if something is wrong w/ this place. Nobody who has a transient job spends 1mm to renovate a condo…not to mention turning 3 into 1. I wonder if the special asm has to do with the roof & they’re on the top floor & miserable from leaks? Just speculating… watch the video and see what you think. It’s odd that they are getting out so quickly. Then again, perhaps they just hate the place for whatever reason & have enough money not to care about moving & losing a lot.
Woops all of my above comments were about the place on canal.
I mean state…seriously…i am apparently very confused today. disregard everything i said.
Updated to me means the owners have made changes and updates since the mid-90’s and moving in won’t require any major renovations or structural changes by the new owner. (No green shag carpet, no wood paneling, newer roof, decent electric and plumbing, white kitchen is OK, no major structural defects)….
Properties that are not updated mean that the owners haven’t done a damn thing on the place since the 80’s or earlier. There are a lot more properties like this than you think. The property has ‘good bones’ (I hate that phrase) but will require extensive renovation and repairs to bring into the 21st century.
Why does such a relatively new building require a special assessment? I don’t care of the current owner will be paying it, I’m suspicious that a special is needed so quickly. What do the reserves look like? What else is wrong with the building?