We Love Terraces: Have Your Own Outdoor Kitchen at 611 S. Wells in the South Loop
Now that The Vetro auction is over, the question remains: what happens to the other owners in 611 S. Wells?
This custom 2079 square foot 1-bedroom unit with an enormous terrace came on the market just before the auction.
It clearly is in a different class within the building given its finishes.
The listing states it has Birger Juell floors and Waterwork baths including a Zen Master bath with steam and separate jet tub. The 950 square foot terrace has ipewood floors and an outdoor kitchen.
How refreshing to see someone actually build out and landscape one of these bigger terraces. Usually they remain a slab of unwelcoming concrete.
Mario Greco at Rubloff has the listing. See all the pictures and a floor plan here (be sure to check out all of the pictures of the outdoor kitchen.)
See the property website here.
Unit #705: 1 bedroom, 1.5 baths, 2079 square feet, 950 square foot terrace
- Sold in November 2007 for $502,000
- Currently listed for $869,000 (parking is $30k extra)
- Assessments of $367 a month
- Taxes are “new”
This unit is the perfect bachelor pad but it doesn’t change the fact that it’s a 1BD unit in the same building that just sold an almost 2 000 sq ft unit for $489. I think this unit was a bit overdone and now the seller wants someone to pick up the tab for that expensive reno. Beautiful unit but I doubt he’ll get that much for it.
I agree. This one’s way overpriced. Also, from looking at the floor plan there’s no way the unit is 2k SF. I think it’s 2k SF including the deck.
Weird–looks like they reno’d to flip and ran out of monay. It apparently has no kitchen…
Still, super cool finishes.
call me old-fashioned but i prefer an indoor kitchen, which this unit appears to lack
Kenworthy, it clearly states that the kitchen is on the terrace….
the listing says that the terrace sqft is included in the overall 2000 sqft. Does this mean I can list my condo including the balcony too? I love the BS from Mario’s listings…
that place is like 325k cool, not 860lolk cool
You know this listing more than any other really infuriates me at flippers. Unit 705 was a unique unit within Vetro as it was the only floorplan of its tier with the terrace. One that I might have bought at the new price levels and lived in.
So some flipper comes along and buys it, sinks some money into it and speculates that they can sell it for 870k? Sorry pal this thing is worth 300-350k. Thanks for overpaying and then ruining a unique unit.
A penthouse unit recently sold at auction for 485k and this flipper thinks they’re going to get 870k for this 1/1.5? Yeah have fun cleaning up the litter from the 25 stories above you from any floor that thinks your fancy terrace is laughable and a bad joke.
One can only imagine the possibilities of beer bottle tic tac toe/connect four against their fancy wooden structure. This flipper is toast and I hope they have a good broom to sweep up that terrace.
G please post the mortgage details for this one. I’m betting this was a high LTV loan flipper.
Bob, easy big fella. May be time to switch to decaf.
The terrace rocks, and I’m glad this was displayed. I now have ideas for a spring construction project around my place.
Bob, I promise after laying down some wood floor panels I won’t try to flip my place for twice nearly 3 time market price.
“How refreshing to see someone actually build out and landscape one of these bigger terraces. Usually they remain a slab of unwelcoming concrete.”
Very unlikely this build out stays once tenants take over the association.
“You know this listing more than any other really infuriates me at flippers.”
I doubt this is a flipper. This is not how you make money, even if the economy wasn’t in the tank. Anyone who can afford to put this kind of money in a 1/1.5 would know that.
I think the unit is very nice though. Prob worth about $400K.
The demand for high priced bachelor pads has dried up with the economy. Sure this place is nice as hell but nobody who could afford to pay this much would want a 1 bedroom. Although this may be one of the very few South Loop 1 bedrooms that will realistically sell for over $300,000 it will be a long process.
I would’ve paid 325k for this easy in OEM format. Given I think their enhancements are hideous, I would pay less so as to have some money left over to make it look less like a sushi restaurant.
“make it look less like a sushi restaurant”
Even a sushi restaurant has a dishwasher and a kithcen sink.
Is this place even legally “occupable” as a residence w/o a kitchen?
I love that it’s (effectively) $795k w/o a kitchen and without parking. Has there been a more outrageously priced one-BR in Chicago at any point during the boom?
Buona fortuna Señor Mario. If you sell this place at the ask, contact me. I have some properties I’d like you to list.
Who puts a mirror right next to their toilet. Ick.
ChiTown,
I’m sure that anyone who thinks they did an awesome renovation job here and will get 870k for this place must also love to watch themselves take a crap becuase obviously they’re so awesome and probably poop gold.
I’m pretty sure the listing includes a “$75,000 allowance” for a kitchen and it clearly says the terrace is included in the 2000 sqft. Not sure why that’s a problem given that the agent would have ZERO chance of getting anyone to look at the place – even online – without being creative (i.e., not misleading) with the sqftge. So go ahead and include your garage spot and your percentage of the common entry foyer in the sqftge – as long as it is clearly spelled out I don’t see any reason to get bent out of shape.
Also, strikes me that this was an in-town/second home pad for someone and the economy put the brakes on the dream.
Looks alot like what Valasko said he did with his place. Those are some serious upgrades but why upgrade a 1,000 sq ft place like that?
Oh and I better stop joking about staying on Devon when I really meant Damen. Paulj might call me an anti-semite.
Hey uwish why is the link on your username mariogreco.com? Wondering if its a joke or do you work for them
So basically you have to eat every meal at a restaurant in the winter? Sign me up!
uwish, how would that $75K allowance work, though? Why not just knock $75K off the asking price?
Tipster – Yes, that’s what the 75k credit is for.
Per public records:
11/7/07 #705 purch $502,000 with 2 parking spaces (P193/P196)
11/9/07 $401,500 mortgage to MERS
3/4/08 $405,600 to Countrywide Bk
3/12/08 release of mortgage to MERS
1/29/09 Mechanics Lien filed by CASSIDY BROS INC for $63,907
2/3/09 Mechanics Lien filed by Progress Elec for $148,587
2/3/09 Mechanics Lien filed by State Mech Serv for $57,204
Ha stiffed all the contractors; he thought he could sell the unit and pay everyone off in time.
Does anyone have the pin?
HD:
Searched Pregress Elec (per G), came up with 17-16-402-056-1005. No warranty as to accuracy.
So wait, it doesn’t even have SPACE for a kitchen? Anyone can verify? The pics don’t show a kitchen, so I just assumed they never got around to it. (They didn’t finish the kitchen on the terrace, either.) Also, MADFLY, why do you say the association would make the owner take out all the terrace improvements? What’s wrong with them?
KW:
Look at the full listing, 1st (iirc) picture of the living room. You see the outlets, etc. along the back wall (behind the stools at teh counter) which appear to be for the kitchen. There’s space for a kitchen, it just happens to be a white box.
I see it now, anon(tfo). That’s REALLY weird. I’m sticking my earlier guess that they just ran out of money for the reno. The mechanics’ liens support that theory.
Clearly a 1br in an unsold building with leins against the property, and no kitchen is worth 870k(lol) Every time I see the price and more information it make me laugh harder!
This is going back to the bank and will sell for 200k-ish or less in two years time. The buyer of the foreclosure is going to need to be able to secure a construction loan to finish the unit or have the cash on hand to do that, which is not easy to do, further restricting the potential pool of buyers. Nobody is going to pay a premium for their Frank Lloyrd Wright wannabe sushi restaurant rehab. Rehabbing a new unit anyway, especially this exotic redo (which further restricts the pool of potential buyers) just shows how out of touch this buyer was.
Do not pass go, do not collect $200. Epic fail.
Let me revise my timeframe: an indeterminate amount of time. The bank will hold on to this for as long as possible as they don’t want to realize their losses of 300k. This unit will remain vacant for years to come.
Dude, just because you don’t like doesn’t make it “exotic”. I don’t think of McK Park as exotic.
And it’s about as FLW as Trump Tower is–overpriced and located in the midwest, but that’s about it.
Sushi restaurant-chic, I’ll give you tho.
I never understood why a person purchases a new unit and completely re do the unit. There are several developments that will let you customize your space prior to closing. Or just purchase an older unit that is cheaper and re do the unit. This person ran out of money or lost his job and needs to end this problem.
Did anyone consider that the liens just *might* be recorded wrong? Agreed its overpriced, and who knows if they have paid their contractors but there is NO way $148,000 of electrical work was done on this unit…. liens against the building as a whole most likely.
Hmmmm… I don’t see the link to mariogreco.com anywhere.
“Hmmmm… I don’t see the link to mariogreco.com anywhere.”
click the link on your name on the post you made at 1:43PM lol
It has been on prior posts by uwish, too.
Ken- Most buildings have some kind of stipulation that you cannot change the outdoor/exterior of the unit to where the uniformity of the building’s appearance is affected. So for example, you can’t have blue tinted windows if all the others are gray, you can’t paint the window frame a different color, or put up crazy lights. The concept is the same here – that structure on the terrace stands out when viewing the building and it’s possible that the association would require them to disassemble that thing.
And this is NOT a flip! Who buys a $500K 1 bedroom and then tries to flip it at a higher price than the penthouse? This is someone who ran into financial troubles.
It is possible those liens are against the whole building,pretty common on new construction where the contractors are protecting their interest.
Title companies used to waive those liens all the time,but with developers going BK,they are tightening their belts also.
Unless Mario finds a cash buyer that has had their head in the sand,this one will sit for a long time,at any price.
Reminder:
Please refrain from making comments about the realtors/agents on the properties. The point of Crib Chatter is to talk about the property- not about the people trying to sell it (or the agents assisting them.)
As I’ve said before, I will delete any comments personally attacking agents or sellers/buyers by name.
Thank you.
That’s a good point. Never the less I’ll check that PIN once a month or so for the lis pendens.
“anon on March 9th, 2009 at 4:26 pm
Did anyone consider that the liens just *might* be recorded wrong? Agreed its overpriced, and who knows if they have paid their contractors but there is NO way $148,000 of electrical work was done on this unit…. liens against the building as a whole most likely.”
The liens I posted were clearly against this unit and its owner.
There have been plenty more against the building as a whole.
The unit price seems to be about right to cover the mortgage, liens, fees, and $75K credit.
It’s possible they ran into completely unforseen financial troubles in that short period of time, but a flip is looking pretty likely. I’m sure they didn’t realize the penthouse would go for less than $500K at the time they bought and did the reno…
“And this is NOT a flip! Who buys a $500K 1 bedroom and then tries to flip it at a higher price than the penthouse? This is someone who ran into financial troubles.”
The penthouse was orignally listed at $900K.
You don’t buythe most expensive 1BR their is, over improve the space, then sell at the price of the 2BR penthouse. I’m going to assume the owner knows that.
“The unit price seems to be about right to cover the mortgage, liens, fees, and $75K credit.”
Um, still a bit high, as the $869 ask doesn’t include *either* of the parking spaces.
$405 (Mtg) + $270 (liens) + $75 (Credit) = $750 – $60k (2 spaces) = $690k + 6% (realtor) = $734. So there’s ~$125k of negotiating room.
anon(tfo) just showed what a hole this idiot boxed themself into. 734k for a 1 bedroom condo. LMAO. This ain’t Tokyo 1989, kiddo.
“This ain’t Tokyo 1989”
But if it were, wouldn’t sushi-restaurant-chic *still* be a bad choice?
I love the giant terrace! I looked at a place in the Vetro and was told that owners can do what they want with the terraces. The developer didn’t have restrictions in place (although that could change once the association is handed over to the owners).
For someone with a dog, this would be great. The dog can run around out there, almost like a small back yard.
There is no way this is worth $900,000 after parking is included, especially when there are townhouses in the south loop that have small backyards for the same price.
Yeah but you better have a smart dog Jenny. Unleashed and the first ‘fence’ they jump will result in a 7 story fall, leashed and their leash turns into a noose.
taking the link to greco’s website out of the most recent post and then claiming it was never there is the saddest, most disingenuous attempt at deception i have seen. clearly the user manual for the interwebs has not been read. when i deceive people i do it right 🙂
i do like the space tho. i see a lot of AV stuff in there. if the electrical guy did all the low voltage work the lien could easily be the right amount. esp if the contractor is owed for installed product
“the lien could easily be the right amount. esp if the contractor is owed for installed product”
And the lien is for the full amount of the contract, whether all of the work was finished or not. There could be stuff in a box somewhere and a $50k stereo in a closet.
those are expensive light fixtures also. i thought liens were only for the amount that was owed? lawyers?
“i thought liens were only for the amount that was owed?”
File the lien for the contract amount, only collect on actually completed work. I would be shocked (shocked!) if owner gave the contractors a dime in payment, so full contract amount is a permissible amount for the lien filing. Anything else (assuming no partial payments), you’re asking to get stiffed.
i learned something today 🙂 thanks
I’m just wondering how this genius came up with the 100k for the downpayment. Definitely doesn’t fit my sterotype of people having 20% down being sensible and good with money.
“I’m just wondering how this genius came up with the 100k for the downpayment”
1. Parents
2. Trader
Perhaps a check from his heloc on his primary residence? beats me!
I’m betting he was a trader that had his P&L decimated when the market went south, and the big bonus of several hundred grand evaporated.
Gorgeous unit, but as said previously, a dream. Is it true that this unit cannot be sold until the mechanics’ leans are satisfied?
“Is it true that this unit cannot be sold until the mechanics’ leans are satisfied?”
Basically, yes, it is true. You could conceivably buy it subject to the liens (and the mortgage, for that matter) but you couldn’t get a new loan for it and you’d still be responsible for the liens.
“I looked at a place in the Vetro and was told that owners can do what they want with the terraces.”
Oh brother… you believe what developers say?
There are plenty of buildings where there is landscaping and structures out on the large terraces (usually on top of the parking garage base of the building.) All you have to do is ride on the El and you’ll see them in the South Loop and in River North.
It might vary by building- but clearly there are plenty of condo buildings that aren’t concerned if you build a structure on your private terrace.
I meant purchase price, not mortgage.
“Um, still a bit high, as the $869 ask doesn’t include *either* of the parking spaces.
$405 (Mtg) + $270 (liens) + $75 (Credit) = $750 – $60k (2 spaces) = $690k + 6% (realtor) = $734. So there’s ~$125k of negotiating room.”
The liens ($270k)+ 2 parking spaces ($60k) makes it an affordable deal if the house itself is $1 So $330,001 i’d do 🙂
This unit is featured in Chicago Mag’s Deal Estate blog,
http://www.chicagomag.com/Radar/Deal-Estate/April-2009/On-the-Market-Outdoor-Cooking-in-the-South-Loop/
love this quote from that article…
Price Points: “The price is disconnected from anything else in the neighborhood,” says Mario Greco, the sellers’ agent, “because there’s nothing else like this in the neighborhood.”
Yeah! That or the realtor and sellers are disconnected from reality…. Yeah lets overprice something by over 500k because there’s an outdoor kitchen you can use MAYBE 6 months out of the year! Brilliant mario…
“an outdoor kitchen you can use MAYBE 6 months out of the year!”
You’re weak. I’ve used my grill every month of the year.
You can use the outdoor kitchen basically year-round (and would have to right now, b/c there’s no indoor kitchen), you just can’t really use the rest of the outdoor space, because even I don’t think sitting outside in sub-40 weather is fun..
“because there’s nothing else like this in the neighborhood.”
I have to agree. There are indeed many RE disasters in the South Loop. This one however does indeed take the cake.
Unit 705 at the Vetro is now a foreclosure with an ask price of $386k. Assessments went from $367 to $602 and RE taxes are now $6,532/year.
Bob – you going to buy it this time around?
Are there still mechanics lines attached to the property?
“Unit 705 at the Vetro is now a foreclosure with an ask price of $386k.”
It’s back?
View will be blocked by the Riverline development, right? I’ll crib on it later this week! Thanks for pointing out that it’s back.
The assessments go up as a building ages. Why is everyone surprised about this? Those taxes seem high though.
By the way- welcome back Bob!
I was worried you might not still be among us…lol.