We Love Roof Top Decks: Penthouse Unit at 701 S. Wells in the South Loop
We chattered about this 4-bedroom penthouse unit in Wells Street Tower at 701 S. Wells in the Printers Row neighborhood of the South Loop a year and a half ago.
See our September 2008 chatter and pictures here.
Since then, the unit has been reduced by $230,000.
At 4,000 square feet, it also has a 100 square foot terrace and a 2000 square foot roof deck.
The penthouse has luxury finishes such as limestone flooring, 3 gas fireplaces and 5 wine fridges.
The kitchen has Poggenpohl cabinets and stainless steel appliances.
The master bathroom has heated marble floors and a 6-foot jacuzzi whirlpool tub.
Two parking spaces are included.
Robert Pratt at Dream Town has the listing. See more pictures, the floorplan and a video here.
Unit #3400: 4 bedrooms, 2.5 baths, 4000 square feet
- Sold in December 2003 for $850,000
- Was listed in September 2008 for $2.25 million
- Reduced
- Currently listed for $1.995 million
- Assessments of $1652 a month (includes a/c, heat, doorman, cable)
- Taxes of $11591
- 2 car parking included
- Master Bedroom: 23×14
what’s with that rooftop? looks like a crowd of scrap-metal scavengers picked it dry…
So much for the views – you build out the deck and you’d be looking right into the concrete walls.
Want.
In case anyone is wondering, this is what a penthouse unit should look like.
As far as the raw outdoor space, you can make that look like whatever you want. I prefer it that way.
Pretty fricking sweet pad i totally dig it, but I doubt this sells for over 1.5-1.6 million
Place seems a bit rich for the building imho…
This place rules. LOVE the floorplan:
http://www.dreamtown.com/properties/floorplans/701-s-wells-3400-floorplan.pdf
The hot tub/shower with glass windows is pretty hot. I guess you don’t have to worry about too many people seeing in at that height, but I bet they’re plenty of people out there with telescopes…
Beautiful home, I absolutely love it. Great floorplan. Can’t comment on the price, as this really isn’t anywhere near my market.
I really like that floorplan too but would be interested if there is any noise from the 3 elevators, is this unit the only one on the floor?
I’d also close off the “media room” probably knock a wall out of one of the bedrooms and make one of the other bedrooms bigger, so much i could do with this place!
Just goes to show different folks different strokes. I mean I was into the high rise view living before, but for 1.5m, I’m going to be a greenzone dude and have my own SFH in LP
Not a big thing, but is roof deck access from the common hallway, only? Less than ideal.
“for 1.5m, I’m going to be a greenzone dude and have my own SFH in LP”
So, you’re expecting LP SFHs to drop ~25%+?
When I look at that huge bathroom, first thing I think of is how cold I’d be getting out of the tub, and then how slippery the floor looks. God, I’d getting old.
article for HD to digest
http://finance.yahoo.com/news/Was-There-Good-Reason-for-a-nytimes-3118998957.html?x=0&sec=topStories&pos=4&asset=&ccode=
“So much for the views – you build out the deck and you’d be looking right into the concrete walls.”
I don’t think the photos give a proper sense of scale but I think you would build up a deck and see through the gap.
“I really like that floorplan too but would be interested if there is any noise from the 3 elevators, is this unit the only one on the floor?”
Don’t know about the elevator noise but you do have one other neighbor on the floor.
You also share the roof rights.
Awesome place, but it’s 2 million for a luxury joint in a small cheapo tower in a not as prime location. 2 mil for example buys you a 4 bedroom place on the 81st floor in Aqua. A lot of competition at that price point.
why couldn’t you build a 2 story deck w/ view/your own railings etc.
2 opposing toilets in the master bathroom?
looks like there are probably 2 units on this floor of equal size
agreed w/ anon, no interior stairs sucks. that made me reject a bunch of 2/2s in 3flats i was looking at a few months ago.
…btw, what will those taxes reset to? or is this one of those buildings that Madigan or Cullerton or Barrios help in that department?
“You also share the roof rights.”
Nice, maybe put up a few cell phone towers to help pay those taxes and assessments? 🙂
anon(tfo)
“for 1.5m, I’m going to be a greenzone dude and have my own SFH in LP”
So, you’re expecting LP SFHs to drop ~25%+?
Granted there are NICE NICE 2mil LP SFH. But I like the selection of SFH at 1.5 mil in LP too.
“But I like the selection of SFH at 1.5 mil in LP too.”
Enh, most of them are too much a compromise on location, quality or both. At least right now.
‘course, if I’m spending 1.5m, it ain’t going to be on an *apartment* in Chicago.
“Broasted on May 12th, 2010 at 11:40 am
2 opposing toilets in the master bathroom?”
I’m guessing 1 toilet, 1 bidet.
REALLY?
I mean if you do a redfin search for say 60614 there is nothing you like in the 1.4 – 1.6mil range?
“I mean if you do a redfin search for say 60614 there is nothing you like in the 1.4 – 1.6mil range?”
Nothing I’d want to spend 1.5mm on.
There are 16 houses listed b/t 1.25 and 1.75 in the Lincoln attendance area. A couple are pending, at least 5 of them are attached, one is a two-flat, another is a legit teardown. Are there a couple I’d be happy to trade straight up for my current house (which itself is far from perfect)? Sure (altho they’re mainly the $1.6+ ones). But are they what I’d want if I were to assume that size nut? Nope.
btw, looking at this, 1813 Cleveland is a great trip back to 1982. Anyone feeling nostalgic should check it out.
2057 Howe is also interesting, but the layout sux for a family and the short lot bums me out, at $1.4mm at least.
““Broasted on May 12th, 2010 at 11:40 am
2 opposing toilets in the master bathroom?”
I’m guessing 1 toilet, 1 bidet.”
At least they stashed them in a WC. Does everyone actually like the rest of the bathroom COMPLETELY open to the bedroom? That would piss me off regularly.
Bradford: ahh yeah that makes sense. Didn’t recognize it the first time I saw it in real life either, thought it was a weird urinal!
Had a feeling you’d mention 2057 Howe, anon. . . interesting unit and a very cool location (but you nailed the negatives).
And I totally get excluding Mayer attendence area from the search. No way I’m paying $1.5m for that.
But would you just limit it to Lincoln? No Alcott? Just curious.
” That would piss me off regularly.”
every morning, after your coffee?
“btw, looking at this, 1813 Cleveland is a great trip back to 1982. Anyone feeling nostalgic should check it out.”
hahahahhahah holy crap that is amazing. Straight out of Miami Vice.
Ah….I don’t mind the attached. So that’s one point of difference.
So its not what you would want, but I think there really is a good range of property types
1142 W Drummond. My guess is it needs work inside, but good bones and area right? (bear in mind my connection is crap right now so I haven’t done street views and I’m worse in LP/LV than toward LP/OT)
614 W Willow. If you want the SFH and its the newer built since the mid 1990 with open floor plan and doesn’t look as bad as the 4/6/8 condo boom, but again in the same style on the interior
1700 Crilly Court. Ok. Attached. But crazy good OT location.
Mind saying what you would be trading up from?
For me, I’m trading up from a 3bd/3bath 1 car townhouse/garage.
Bring 700k in. Take a 800k mortgage at say 6% since it is Jumbo. 5300 in mortgage. Figure another 1000 to 1500 in taxes. So in for 7k for a single family home in LP.
Does crib consider that reasonable or crazy?
“But would you just limit it to Lincoln? No Alcott? Just curious.”
Were I looking as a current homeless person (haha), I wouldn’t exclude Alcott, but there’s one current undercontract listing in that range (2511 Burling) and that just doesn’t strike me as a $1.4mm house (tho I may be missing something). And $1.3 for the house on Lill seems nuts, again, maybe I’m missing something.
Also: What’s up with 930 Wolfram at over $300k off its Feb-03 prior sale price? Is there something horribly wrong with it, or is it just fug + too close to el?
Forgot to mention Howe. I’ve been in there.
I REALLY like the location. Well…I don’t like the school being right there, but I’d take with the park and tennis courts being right there and quick access to the Lake Front.
The garage is nice. The deck is nice. The interior of the house gets CRAZY good light. The floor plan to me is #($)@#$*@($@*@$*)@#@
The floor boards creak and are not level. I really don’t like that. Makes me think of New York and you are looking at your floor and its slanted.
The top floor is completely built as as Master. And get this…you have to walk into your hall to then get to your shower. @$(#)@$(*#@)*$#@*$$*@$
Very james joyce stream style. Sorry. It will sell. After all its the Ames team 🙂
“Bring 700k in. Take a 800k mortgage at say 6% since it is Jumbo. 5300 in mortgage. Figure another 1000 to 1500 in taxes. So in for 7k for a single family home in LP.
Does crib consider that reasonable or crazy?”
Non-crazy, just not where we would want to spend, at least for what we’d get for our money.
We have an SFH in/around north center we’re generally happy with. Few things need some work. But our nut is about half that, with less $$ allocated to real estate.
re: examples–614 willow looks nice in the pix, it would have to be on my list. 1700 Crilly–location is indeed perfect, but it’s narrow, narrow and where’s the alleged parking? I won’t not have a parking space, esp over $1mm. Drummond–is agassiz an acceptable school? I don’t need a $1.5mm project house.
“Also: What’s up with 930 Wolfram at over $300k off its Feb-03 prior sale price? Is there something horribly wrong with it, or is it just fug + too close to el?”
You saw the $1500 monthly tax nut, I’m sure. . . that would be enough for me to run like hell. . .
Beyond that, it’s essentially been on the market for 2.5 years w/2 prior listings cancelled. Looks like desperation to me.
Re: Alcott, not getting into homelessness, just school quality. To me, Alcott would be almost as good and worth a certain amount of ridiculous premium (NOT $7k/mo, Chichow) but many seem to disagree.
“Re: Alcott, not getting into homelessness, just school quality.”
Sorry–I was attempting to be funny about already owning–as in, if I did not already own, Alcott-area would be worth looking at to me. As it stands, were I moving to a different attendance area in the city, Lincoln would be it.
assuming one were looking in this price range, and schools were a major factor, wouldn’t one have been very interested in 1956 lincoln (discussed a couple weeks ago)?
The street location is not as nice as stated before since it is on a busy street and near potential rowdies. But the house is set back so it’s not that bad.
Either way, its been under contract for a while. I would have been interested in seeing if the interior matched up to the pictures online.
This place is pimp. Not sure if its worth $2MM but its definitely worth a heck of a lot more than the 850k the buyer paid in 2003. When I think of high end 1.5MM+ properties I do think of unique places like this.
Yikes on the assessments and taxes, though.
And to all of you who cocked up this thread with your talk about your boring SFH’s in very common boring green zone hoods shame on you. This is a modern masterpiece.
Far out of my price range but if anything is going to get me to move to the loop its going to be a (much more) junior version of a place like this. Private terraces are hard to find in the loop.
I side with the renter / sour grapers on this one. Any home north of $1.5m is extremely rare air. There is an enormous difference between $1M (which is a lot) and $1.5M. I think it amounts to 50% but I was a history major in college.
You guys throw it out there like it is actually a realistic possibility for you and a cool shower makes it somehow justifiable. So think for a second. How many posters on this board have $500k liquid to come to the table with (before selling your place), plus can service $6k in debt with w2 income plus at least 1k / month in taxes?
I suspect I hear crickets. I know why, because people who have that means don’t complain about renting (even if they do on relos and/or after a divorce).
The dreamers here sort of remind me of that poster that Bob had up in his crappy dorm room at the UIC, or was it NIU?
http://images.art.com/images/products/large/10030000/10030522.jpg
Little did he know, life doesn’t quite work like that, no matter how much you want people to listen to what you have to say. You still went to an average school, work a middle management job and have no shot at ever owning one of these homes, however overpriced they may or may not be. There is a very long line in front of you and that is the unfortunate fact. Makes me think I’d rather be lucky than good I guess.
Hahaha JMM continues his assault attempting to insult people and claiming to have more money.
Its the internet, JMM, and my hedge fund is larger than yours and likely has a much stronger track record of returns. I’m pretty sure my internet net worth is larger than yours, JMM. Also your taste buds obviously mistake fine wine for sour grapes. On the internet JMM is the Gordon Gekko and everyone else on Cribchatter is a middle manager who went to “average” schools.
Truth be told, JMM, without family money, I don’t think you’d have a shot at ever owning one of these places either. Even with family money I suspect you don’t either.
Up for another late night earnings call where you will ask a F500 CFO important questions regarding their financial statements? Or catching a flight to some world-class economic forum and passing time entertaining, err, informing us CCers here in an airport elite lounge? 😀
Top floor is split between this and another unit. Each is owned by two of the building architects/designers/whatever you want to call them. Went to look in the building and when I asked, that was the answer. Wouldnt doubt it…..
N I C E P A D
JMM Wall Street 2 is coming out. Are you going to see it at the Davis theater or go balls deep and check it out at the 3D Imax at Navy Pier?
Do you walk around downtown talking loudly on a phone like this
http://www.techfresh.net/wp-content/uploads/2007/09/mobilefirst_5.jpg
reminiscing about the glory days? 😀
Bob, you stopped making sense long ago. Stick to comments about the Metropolitan Water District.
JMM,
I love your: “You cribchatterers can’t possibly have an opinion about places like this because you don’t have that kind of money, never have and never will and hence all of your guys opinions about expensive places are worthless.”.
We’ve seen this tactic before, it pops up from time to time here, and its quite humorous. Its defense to try to reassure yourself you’re somehow insulated from this downturn because the bearish opinions on here can’t quite possibly be extrapolated to your tranche of society.
The opinions of CCers just don’t hold up because having more money is intrinsically different than just having more money–it puts you in a different tranche of society where traditional economic constraints no longer apply. This rooftop deck is going to sell to a well heeled international jet setter because its unique and CC opinions are totally worthless. Except this property is still on the market 18 months later? Inconvenient minor fact.
I also wish that the only people who would ever criticize the President were ex-Presidents. They are the only one’s with the unique insight to truly pass judgment. LOL.
2 foreclosure suits land on pricey block in Lincoln Park
http://www.chicagobusiness.com/cgi-bin/news.pl?id=38196
Looks like the “rich” are having mortgage problems, too. So much for JMM’s implied position that they are a separate, discrete segment of the market unto which economic realities do not apply.
Interesting article about the foreclosures in the 1900 block of Burling. And yet, something huge is being built at the southwest corner of Burling and Armitage, which was a weedy lot for years. Anyone know what that will be? Retail? Residential? Mix?
jan,
it’s a house. notice another home is going up right across the street where the doggie diner proudly dispensed the finest cheese fries on armitage (only c.f. on armitage, but kudos for at least doing it).
i haven’t read the article about the foreclosures yet, but it doesn’t surprise me. way too many gauche folks walking around the lp these days, no way they are capable of supporting our standards. nice to see them getting weeded out.
either that or the hood is imploding. whatever.
totally out the price range…stuff
http://www.dreamtown.com/properties/1119-w-altgeld.html
“totally out the price range…stuff”
plus private school. yay!
And when will we be rid of stupid references to sexinthecity? I hope the homeowner or the realtor got a check for helping promote the 2d movie.
It’s not hard to figure out the owner of this unit. It’s one of the principals of the development company that built this structure. Probably drank too much kool-aid like the rest of builders during the boom. I’d bet the owner has money but I would suspect current income has been severely reduced because of the bust.
JMM
“you guys throw it out there like it is actually a realistic possibility for you and a cool shower makes it somehow justifiable. So think for a second. How many posters on this board have $500k liquid to come to the table with (before selling your place), plus can service $6k in debt with w2 income plus at least 1k / month in taxes?
I suspect I hear crickets.”
As Bob stated, an issue with the internet is the anonymity shield that everyone hides behind. For the most part, anyone of us could be 16 years old living in their parent’s house. Actually, some of us could be 36 and living in the parent’s house. 🙂
On a semi related tangent…its all relative right? Say I say that I know peeps on wallstreet that make millions each year. maybe I do. maybe I don’t. but either way, this is a from 2007.
Not enough in the checking account for a single monthly payment. So I guess you are right. Just crickets here.
http://www.freeimagehosting.net/image.php?8b866bf632.jpg
Anon (tfo)
At that price range, I’m guessing that it must be private school, because who would want to mix in with the unwashed masses
“At that price range, I’m guessing that it must be private school, because who would want to mix in with the unwashed masses”
I sort of know the owners, but don’t know where their kids go to school. I’m *sure* it’s not Oscar Mayer.
yeah chichow but how much of that have you spent at that potash you wont help me get into?
“I sort of know the owners, but don’t know where their kids go to school. I’m *sure* it’s not Oscar Mayer.”
The owner has moved out. The kids are in college.
“The owner has moved out. The kids are in college.”
Not talking about this unit. Talking about the Altgeld house chichow linked. I guess the kids may be in college, but that would make them pretty f’ing precocious.
And I haven’t yet heard of a college that lets pre-teens live in on-campus (non-family) housing.
CH:
You can get into the potash bros anytime you want. 🙂
CH:
Plus I am not in the Hancock anymore, so even I don’t get my tomatoes in the sky
Off topic:
Homedelete:
Since it is all public record, can you tell us who is building the F U house on N. North Park Ave.
It is 1515 N. North Park Ave.
Its new enough that it doesn’t show on streetview for Google Maps
whatchu talkin bout chichow. just got off the phone with those exclusive ba$tards at hancock potash and they told me no dice unless i lived, worked, or knew somebody in the building. man you had my hopes up.
another entry in the best pics contest:
http://www.redfin.com/IL/Chicago/2003-S-Loomis-St-60608/home/14085782
beautiful photos. where does southport become loomis?
“where does southport become loomis?”
It never does. Noble is 1400 W in b/t the two from the River to Kinzie
“beautiful photos. where does southport become loomis?”
Looks like Southport (1400W) ends at Cortland, turns into Noble for a while, then is ultimately Loomis at Kinzie.
I shall refer to this as SoSoPoCo.
For anyone who cares an Open House is currently scheduled for Sunday May 16th from 11AM-1PM.
Just a reminder: we don’t care who owns the property. Please don’t talk about them and their personal lives (unless it’s already in the public domain- i.e. Elite Street in the Tribune names the owner of the property.)
Thanks.
so since the offending information has already been taken out, I am wondering why there is this policy?
From my position, I didn’t care as much as WHO as in name it was, but more on the type of buyer / builder since we were discussing what type of people can put down enough of a down payment and handle the monthly carrying costs.
I’ve always had this policy. If you want to find out more info on a property there is blockshopper and other sites that will give you that. I’m not saying this information isn’t public information. But most people don’t want strangers commenting on info about their lives on a chat board where pictures of their home are prominently featured. It’s creepy.
Sabrina,
Thank you for answering my query on why this policy exists. Please note that I was not disputing how long the policy has been in effect.
I was wondering is there a cheat-sheet link somewhere on the site. a link to what is ok and not ok?
For example: The decorating inside is not relevant as the furniture won’t be there when you move in.
Don’t discuss the owners
et. al?
Those are the main “rules” (also don’t comment on children’s names even if the name is clearly visible on a wall in block letters above a crib- which is the “in” thing to do in children’s rooms these days.)
Basically, we’re here to discuss the property itself.
Comment on the property itself???
What an absurd idea! It’s so much more interesting to pontificate about how irresponsible and underfunded every seller is.
Very nice unit with some serious potential. One would have to do some tweaking to personalize it to their liking. To me the media billiard and living room should all be combined to make one huge room with screens used to seperate the areas.
Definately have to do some tweaking to make it the way I would want, but for the current price it would be contender. As far as the rooftop deck still being in a raw state, I have to wonder why it has not been touched for as long as the building has been complete. Also has some great potential….for the few months out of the year a chicago resident would be able to use it.
I guess I am too late to see what was said about the owners, but I strongly agree with Sabrina’s policies to not discuss anything but the unit and the building in general. To do otherwise could open the site to litigation. I know a few ppl here in NYC who have sued over chatter about their personal lives on RE sites. Touchy area to play in and best to curtail the chatter when it first starts.
WL,
I can respect not sharing names and pontificating / joking about the habits or lives of the buyers or sellers.
In this case it was discussion is there a buyer with the means to purchase / build a certain type of property and what type of job is required.
In this case, it was a buyer that worked in Financial Trading which should support the required downpayment and monthly outlay.
It is certainly more house than I would want, although I admire it. Drive by. It looks decent.
Sold for 1.5MM on 8/9/2010.